TiL buys 49% of Adani Ennore CT

News 15 Dec 2023 by WCN Editorial

Terminal Investment Ltd (TiL), which is the ports operating arm of Mediterranean Shipping Co, is strengthening its activities in India by buying a 49% shareholding in Adani Ennore Container Terminal Pvt Ltd (AECTPL). The terminal is located on the Bay of Bengal coast of India about 30km north of Chennai.

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The investment, which represents an outlay of INR2.47B (US$29.7M), is being channelled through Mundi, which is TiL’s wholly owned subsidiary in India. It is the second deal concluded between Adani Ports and Special Economic Zone Ltd and TiL. In 2013, the two parties set up a joint venture to manage the Adani International Container Terminal Pvt Ltd (AICTPL) located in the port of Mundra.

“APSEZ enjoys a strong partnership with TiL and MSC, built on mutual trust and transparency, as reflected in our growing alliance,” said Karan Adani, CEO and Whole Time Director of APSEZ. “With this second joint venture, we are now further deepening this strategic partnership in one of the fastest growing container terminal markets in the south. We aim to replicate the AICTPL terminal’s success at the Ennore Container Terminal and service the trade needs of the South Indian market.”

TiL believes the new agreement is highly significant from both an Indian and global perspective. “We are highly pleased to strengthen our partnership with APSEZ, India’s largest private sector port operator. This association will enable us to further improve TiL’s presence in one of the world’s fastest growing economies and strengthen our offering to customers in the Indian subcontinent,” said Ammar Kanaan, CEO, TiL.

AECTPL has a quay length of features a 400m and has a current design capacity of 800,000 TEU a year, but this can be increased to 1.4M TEU a year. The existing concession agreement extends to 2044.